Russian Government Bond Index MCXRGBI Rises 0.2% to 118.41 B.P. on Wednesday

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MCXRGBI (Russian government bonds index) rose by 0.2% on Wednesday, reaching 118.41 basis points.

Below is the trading dynamics of the most liquid Federal Loan Bonds (OFZ).

- OFZ series No. 26247: -0.1%

- OFZ series No. 26248: -0.1%

- OFZ series No. 26233: -0.1%

- OFZ series No. 26243: +0.1%

Liquid OFZ bonds typically include long-term issues with fixed coupons (OFZ-PD), such as OFZ 26248 and OFZ 26245, which have a high trading volume. There are also issues with an indexed nominal value (OFZ-IN) and variable coupons (OFZ-PK), but they have different characteristics and are suitable for different purposes.

The MCXRGBI government bond index serves as a key indicator of the Russian debt market, reflecting the dynamics of the entire spectrum of government securities.

Key characteristics of liquid OFZ bonds:

1. OFZ-PD (with fixed coupon) - most in demand due to predictable coupon payments, for example, issues maturing in 2034-2041.

2. OFZ-IN (with indexed nominal value) - protect against inflation, but their yield is realized at redemption or sale.

3. OFZ-PK (with floating coupon) - have high liquidity, for example, OFZ 29014, 29024, 29016.

This overview was presented by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.